What used to be a new idea for a business is now a big part of the world economy. Given that e-commerce has grown at an exponential rate over the past 20 years, there are a lot of exciting things in store for its future.
E-commerce pioneers like eBay, Amazon, Google, Netscape, PayPal, Apple, and many others started when the World Wide Web came out in 1991.
Recent data shows that e-commerce companies made $4.68 billion in sales in 2017, $5 billion in 2018, and $5.47 billion in 2019. With growth like this, the predictions for 2020 and 2021, which are $6.04 billion and $6.60 billion, will likely come true.
Even though these numbers are only for the US market, you can be sure that something similar is happening in other countries. By 2023, online retail sales are expected to have grown to more than $7.4 trillion worldwide. E-commerce will only get bigger and better in the years to come.
In 2020, a new decade will start, and with it, the eCommerce industry promises a brighter future full of exciting new developments for online shoppers worldwide.
According to an analysis by Statista, sales at online stores worldwide are expected to grow by 265%, from $1.35 trillion in 2014 to $4.91 trillion in 2021.
Shopping on your phone (mCommerce)
Mobile online shopping is one of the things that will change ecommerce the most in the future. Seventy percent of all e-commerce sales are now made on mobile devices. Mobile eCommerce is growing slowly but steadily because customers want to customize their purchases, have more options, and get better service.
Businesses that sell things online need to use responsive web design to take advantage of the opportunities with mobile online shoppers.
Just a few of responsive web design’s many benefits:
One website that works on all devices and gets rid of the need for a separate website saves money; It helps Google’s algorithms and makes indexing easier; It Offers the best user experience (UX) because the website changes to fit the screen size of the device; Gives an admin interface that is very flexible and fully optimized; brand reputation is improved;
Sales have gone up because even busy millennials can buy something.
A tailor-made shopping trip
E-commerce companies will also offer more customized services to their clients. In the e-commerce business, customization is the key to success. As customers learn more about the things they want to buy, e-commerce companies must offer tailored merchandising by putting the right product with the right content.
Services for Clients
Changes will also be made to how customer service and satisfaction are improved. Customers can’t stand to wait on hold for what seems like forever when they call a business for help. They would like problems to be solved quickly and well. Accenture says that if an online store doesn’t offer personalization, a third of customers will stop shopping there.
To buy some things
When customers buy something online, they should feel like they are getting the same level of care they would have gotten from a salesperson in a real store.
In addition to the usual challenges of running a business, an e-commerce company also has to deal with the need to give each customer a unique and personalized online shopping experience based on their demographics, preferences, past purchases, and other relevant information.
There is only one boss when it comes to power. This client.
Jeff Bezos, the CEO of Amazon, has said that the company’s success depends on good word of mouth from happy customers.
More than 51% of people who buy things online say that being able to customize things has influenced how they shop online. Even though one-third of online buyers were unhappy and asked for personalized service, the vast majority had a good time. People usually feel angry and frustrated when they visit a website with no tailored content. If you use this or one of the other tools for customizing, your work should be easier.
You can learn useful things from how consumers act about their demographics. Customer segmentation makes a lot of sense because it’s impossible to get to know every single one of your customers. After you’ve figured out how to divide your market, you can make a market persona to help you predict what your target audience will do.
Voice-based shopping assistants are becoming more popular.
We also see e-commerce moving toward the use of voice technology. Voice-enabled devices like Google Home and Amazon Echo are becoming more popular. This will change how customers interact with their favorite businesses.
According to predictions, voice commerce is expected to bring in $40 billion annually in the United States by 2020. Voice shopping is a market with a lot of competition, so Amazon Echo will lose some of its market shares.
Even though Google Home is becoming more popular, 63% of all consumers still prefer Amazon Echo.
Apple (with the HomePod), Sonos (with the Sonos One), and a few others are also small competitors. Google has released the Home Mini and Home Hub as alternatives to the Echo Show and Echo Dot from Amazon. The Google Assistant will still be in most of Google’s hardware.
E-commerce has changed a lot because there are so many ways to pay. A lot of an online store’s success and conversion rates depend on how easy it is to handle money.
Also, the way payments are made has changed greatly since Bitcoin and other cutting-edge technologies came along. By 2030, nearly 70% of all money transactions will be done digitally, according to predictions.
The exponential growth of both the internet and social media means that there will be more competition and new ideas in the e-commerce industry. Regarding e-commerce, the future looks bright and full of chances.
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